Jones Mutual Review - is it scam or safe?

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Jones Mutual is a CFD brokerage owned and operated by the company Greenriver OU with a registered address in Tallinn, Estonia. Read the whole review to find out the benefits and disadvantages in dealing with this broker!

Disadvantages

No regulation

The brokerage does not explicitly state any regulation whatsoever on its website which leads us to believe it is lacking. Furthermore, authorities in Estonia have yet to incorporate forex into their regulatory framework. We can say in favor of the brokerage that it does not attempt to lead us on into thinking it falls under some imaginary oversight – as is, unfortunately, the case with many forex brokers. However, there is a second “operational address” given which is in Bulgaria and does not make a lot of sense.

Nevertheless, the lack of credible regulation opens up potential clients of the brokerage to a number of risks and due diligence requires us to state them. We have no guarantee of the segregation of accounts i.e. we do not know whether the brokerage handles the money of their clients separately from their own, which greatly increases the chance for fraud. Clients also do not participate in a compensatory mechanism, such as the Financial Services Compensation scheme (FSCS), where by the traders losses may be covered in the unlikely case of the brokerage’s bankruptcy. All this, and much more, inclinces us to recommend interested traders search for better and safer trading conditions. Here is a list of our forex brokers who are in fact regulated by the FCA and have with them all of the outlined benefits.

Through a demo account we were granted access to the trading platform, provided by Jones Mutual, and could see a spread of 3 pips on EUR/USD. This is twice the industry average of 1.5 pips. A difference of a meager pip and a half may not seem much at first, but bear in mind that in long-term trading, even such a negligible at first amount may drive up significantly the cost of trading. And as has been underlined many times – the higher the cost of trading, the lower the net potential profit of the client. Interested traders can check out our list of recommended low spread forex brokers.

Traders have access to the brokers web-based trading platform. It offers some analytic potential and its charting is crisp. Here is a screenshot:

Click to zoom.

Clients, however, do not have access to the MT4 trading platform which is by far the foremost platform in use at the moment. It has a desctop version, a web version that can be accessed through any web browser, as well as a mobile version and has much valued by traders features. One such feature is the MQL4 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. It is also used by more than 80 per cent of the trading world and due to all these reasons we always view it as a disadvantage if a brokerage does not provide its clients with it. Here is a list of our recommended forex brokers that do provide it.

In the terms and conditions we read that clients who wish to withdraw will be subject to a withdrawal fee which in turn depends on the withdrawal method. For withdrawals via credit card traders will have to pay 3.5 per cent, for a wire transfer – a flat $20. Furthermore, withdrawals below $100 will also incur a flat $20 fee. Credible brokerages should have no such conditions since the client’s money is his to dispense with in any way he chooses. Therefore, we see this as a huge disadvantage for Jones Mutual.

Not enough payment methods

Potential clients of the brokerage may deposit or withdraw via Visa, MasterCard, Maestro and McAfee secure. Popular options such as Skrill are PayPall are missing.

Advantages

Reasonable leverage

Leverage is a two-sided issue and is always problematic deciding whether a brokerage’s leverage should be seen as an advantage or a negative. On the one hand, it allows traders the possibility of significantly higher profits than would be if they traded with no leverage whatsoever, but in contrast to that – if the market trend leads to losses, leverage will increase the losses. Jones Mutual provides the clients with a leverage of 1:100 which is reasonable and nothing out of the ordinary.

Wide range of financial instruments

The brokerage offers clients participation in the forex financial markets. Potential traders may trade CFDs on currency pairs, stocks, indices, precious metals, commodities. This is pretty standard and nothing out of the ordinary, however, such a variety is always a welcoming sign.

The brokerage does not, however, offer CFDs on crypto which is an exciting products. Interested traders should check our list of recommended Bitcoin forex brokers:

Conclusion

Overall, Jones Mutual is an unregulated forex brokerage that has it’s own pretty neat web-based platform and a significant range of financial instruments from which traders may choose. However, the spread is a bit high and most important of all – we have no assurance for the safety of the clients funds. Having that in mind, we would advise interested traders to orient themselves to better trading options to which we have linked throughout the review.

FXTM a regulated forex broker (regulated by CySEC, FCA and IFSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $5 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HYCM is global forex broker with more than 40 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 0.2 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.

This is not a reputable company. I was lucky because my bank spotted it and blocked the payment. I then cancelled my credit card and got a new one issued. Do NOT under any circumstances give these people any money. They used a false advertisement claiming to have been chosen by Dragons Den millionaires to gain my trust. I was fooled by them but fortunate enough not to have given them any money.

Ive been scammed out by these professional thiefs . At the time of the deposit , they gave me an account which after 2 weeks still have a balance of zero . Their support agents keep you on a line with no results ,

Once they have your money, they do not respond to any emails or inquiries. My registration money went off twice - no refund. Money transfer did not go through first time therefore had to retry. Eventually both amounts went through but again, no feedback on emails inquiring about refunding second amount. Mark Webber is very intimidating, not professional at all. Company's client service is poor.

I deposited 20170 usd in this broker and I was trying to withdraw my deposit before trading commence because the "analyst Mark Webber" assigned to me is a fuckin idiot. I made the withdrawal and its confirmed in my email. I waited for my money to be be deposited in my account but the management kept on cancelling it. I made several withdrawals but they kept on cancelling it. One thing more its the analyst who is putting the trades which should be allowed in stock market trading rules. This company is a big scam I have evidences of my conversation with the support who cannot even help to solve the withdrawal problems.

I cannot get my withdrawal from them and it keeps on getting rejected even though i have tried 3 times.
Give them a miss.
The analyst Gary Bradly keeps on cancelling my pending withdraw and compliance never respond to my emails. The manager should be fired, stupid incompetent fool he is as useless as hell. Definitely do not invest your money there.

I WARN IT IS A SCAM BROKER, DO NOT INVEST< the SUPPORT STAFF SUBMIT YOUR REQUESTS BUT NO ONE GETS BACK TO YOU !!!

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